S&P revises PDC Energy view to positive

S&P said it revised its outlook on PDC Energy Inc. to positive from stable and affirmed the BB issuer credit rating and the BB issue-level rating on its senior unsecured debt.

PDC Energy continues to make progress in navigating the new permitting processes for oil and gas projects in Colorado, S&P said.

“The company’s conservative financial policies and debt repayment, along with favorable crude oil and natural gas prices, continue to support a strong financial performance. Under our base-case forecast, we expect its funds from operations (FFO) to debt will exceed 100% while its debt to EBITDA remains below 1x over the next three years,” S&P said in a news release.

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